Majority of manufacturers say tariffs have boosted their costs and will mean higher prices

A majority of manufacturers in the New York area claim that the Trump administration's tariffs have boosted input costs and selling prices for local businesses, according to a new report that suggests that businesses are feeling pressure from the looming trade war.

“Roughly two-thirds of manufacturing respondents indicated that tariffs have already had at least some upward effect on their overall input costs, and more than 70% anticipate that changes in trade policy will push up input costs in 2018 and 2019,” the Federal Reserve Bank of New York reported Thursday, based on the results of a new survey.

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